Purchasing a property in the Inner West is appealing to both owner occupiers and investors alike offering close proximity to the CBD, affordability, and an attractive cultural lifestyle.
As Inner West Buyer's Agents, we strive to provide experienced, educated and independent advice to our clients on a property's true market value. In May this year, we purchased 46 Harris Street, Balmain on behalf of our clients for $2.45m. This property had only sold at the end of 2016 for $2.8m – a really unfortunate example of an emotional purchase and severely overpaying for a property.
Looking back on 2018, the Inner West property market has experienced some adjustments following the rest of the market. Overall, the Inner West property market has experienced a decreased growth rate compared to the past four years. However, with this area having high density and therefore higher numbers of property turnover, good 'A-Grade' properties are still seeing strong buyer competition come auction day.
Breakfast Point has been named as a 'suburb to watch' in 2019 by Starr Partners CEO, Douglas Driscoll. This Inner West area, once a gasworks, has been transformed into a well-designed, master planned community, making it an attractive location for buyers. In particular, for downsizers, where large three bedroom apartments with views and lift access combine with amenities, transport and a “neighbourhood” feeling making the move more palatable. The suburb is made up of close to 80 per cent apartments, and CoreLogic data shows that unit prices have increased by 14.3 per cent over the past three years.
Property Investment Professionals of Australia Chairman, Peter Koulizos tips Marrickville, St Peters, and Enmore as property hotspots to watch in 2019, and said that buyers should look for houses in “undervalued suburbs close to the city, which ideally are undergoing gentrification”.
The Inner West property market also brought us the unusual and gripping case of “Squatters rights”, where a man was granted ownership of a property valued at $1.7M, despite not being the legal owner. The NSW Supreme Court ruled that as he occupied the premises, paid the bills, and looked after it for more than 12 years, he was entitled to “adverse possession”, and will now become the registered owner. I wonder where we can find our own abandoned homes to claim!
As we approach the end of 2018, we look towards the Inner West property market for 2019. The clear message for sellers in this market is to get the pricing right for the current market conditions, and foster a competitive environment. And for buyers, it's to make sure you're doing your research, understanding the sellers' motivations and knowing when to strike.
As Inner West Buyers Agents with over 21 years of experience across all markets (good, bad, and GFC bad), we have the strategies and creative negotiation tactics, as well as decades long agent relationships to ensure you secure your dream property for the lowest possible purchase price.
Contact our team today for a confidential discussion about your Inner West purchase today on 02 9960 1066.